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ProSiebenSat.1 Media AG's majority shareholders Kohlberg Kravis Roberts & Co. and Permira said late Wednesday they will sell around 8 million shares in the German broadcaster, which are worth around €200m according to current market prices.

The financial investors, which hold 25.3% of ProSieben's preferred stock and 88% of its unlisted ordinary shares, said they have started an accelerated bookbuilding process to sell around 8 million preferred shares to institutional investors, representing 3.7% of ProSieben's share capital.

KKR and Permira said the proceeds from the share sale will be used to repay debt and improve the liquidity of the holding company controlling the investors' stake in ProSieben.

The financial investors said they will hold 53% of the share capital after the transaction, adding they have agreed to a 90-day holding period for their stake.

In December, a person familiar with the matter had told Dow Jones Newswires that ProSieben's majority owners are considering selling a portion of their preferred stock in an attempt to boost liquidity in the share, paving the way for an eventual exit.